By Sheri Kasprzak
New York, Nov. 12 – The Virginia College Building Authority sold $207.33 million of series 2015 educational facilities revenue refunding bonds, according to a pricing sheet.
The deal included $154,085,000 of series 2015A educational facilities revenue refunding bonds and $53,245,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2040 with a term bond due in 2045. The serial coupons range from 3% to 5% with yields from 0.26% to 3.828%. The 2045 bonds have a 4% coupon priced at 100.88 to yield 3.89%.
The 2015B bonds are due 2020 to 2038 with 3% to 5% coupons and yields from 1.44% to 3.78%.
The bonds were sold competitively with Wells Fargo Securities LLC winning both tranches at a 3.24% true interest cost for the 2015A bonds and a 2.65% TIC for the 2015B bonds.
Proceeds will refund existing revenue bonds.
| Issuer: | Virginia College Building Authority
|
| Issue: | Series 2015 educational facilities revenue refunding bonds
|
| Amount: | $207.33 million
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Securities LLC (winner)
|
| TICs: | 3.24% (for 2015A), 2.65% (for 2015B)
|
| Pricing date: | Nov. 12
|
| Settlement date: | Dec. 3
|
|
|
| $154,085,000 series 2015A educational facilities revenue refunding bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2016 | Serial | 5% | 103.522 | 0.26%
|
| 2017 | Serial | 5% | 107.423 | 0.71%
|
| 2018 | Serial | 5% | 110.973 | 0.94%
|
| 2019 | Serial | 5% | 114.029 | 1.16%
|
| 2020 | Serial | 5% | 116.467 | 1.40%
|
| 2021 | Serial | 5% | 118.105 | 1.68%
|
| 2022 | Serial | 5% | 119.673 | 1.88%
|
| 2023 | Serial | 5% | 120.783 | 2.08%
|
| 2024 | Serial | 5% | 121.715 | 2.25%
|
| 2025 | Serial | 5% | 122.467 | 2.40%
|
| 2026 | Serial | 5% | 121.305 | 2.52%
|
| 2027 | Serial | 5% | 120.061 | 2.65%
|
| 2028 | Serial | 3% | 100 | 3.00%
|
| 2029 | Serial | 3% | 99 | 3.09%
|
| 2030 | Serial | 3% | 97.66 | 3.20%
|
| 2031 | Serial | 3.125% | 98 | 3.288%
|
| 2032 | Serial | 3.25% | 98.5 | 3.368%
|
| 2033 | Serial | 3.25% | 97.5 | 3.439%
|
| 2034 | Serial | 3.375% | 98 | 3.521%
|
| 2035 | Serial | 3.5% | 98.75 | 3.589%
|
| 2036 | Serial | 3.5% | 97.5 | 3.673%
|
| 2037 | Serial | 3.625% | 98.25 | 3.743%
|
| 2038 | Serial | 3.625% | 97.644 | 3.78%
|
| 2039 | Serial | 3.75% | 99 | 3.814%
|
| 2040 | Serial | 3.75% | 98.75 | 3.828%
|
| 2045 | Term | 4% | 100.88 | 3.89%
|
|
|
| $53,245,000 series 2015B refunding bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2020 | Serial | 5% | 116.267 | 1.44%
|
| 2021 | Serial | 5% | 118.165 | 1.67%
|
| 2022 | Serial | 5% | 119.533 | 1.90%
|
| 2023 | Serial | 5% | 120.624 | 2.10%
|
| 2024 | Serial | 5% | 121.715 | 2.25%
|
| 2025 | Serial | 5% | 122.76 | 2.37%
|
| 2026 | Serial | 5% | 121.305 | 2.52%
|
| 2027 | Serial | 3% | 102.899 | 2.66%
|
| 2028 | Serial | 5% | 119.303 | 2.73%
|
| 2029 | Serial | 3% | 99 | 3.09%
|
| 2030 | Serial | 3% | 97.66 | 3.20%
|
| 2031 | Serial | 3.125% | 98. | 3.288%
|
| 2032 | Serial | 3.25% | 98.5 | 3.368%
|
| 2033 | Serial | 3.25% | 97.5 | 3.439%
|
| 2034 | Serial | 3.375% | 98 | 3.521%
|
| 2035 | Serial | 3.5% | 98.75 | 3.589%
|
| 2036 | Serial | 3.5% | 97.5 | 3.673%
|
| 2037 | Serial | 3.625% | 98.25 | 3.743%
|
| 2038 | Serial | 3.625% | 97.644 | 3.78%
|
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